Adani Enterprises FY20 profit jumps 59% to Rs 1,138 crore; revenue up 8%

Billionaire Gautam Adani-led Adani Enterprises on Wednesday reported 59 per cent jump in its consolidated net profit after tax (PAT) to Rs 1,138 crore for the financial year ended March 31, 2020 (FY20), compared to Rs 717 crore in the previous fiscal.

Consolidated total income rose 8 per cent to Rs 44,086 crore as against Rs 40,951 crore in the previous fiscal, the flagship entity of Adani Group said in a filing to the Bombay Stock Exchange.

For the full financial year 2019-20, the operating profit or EBITDA (earnings before interest, taxes, depreciation, and amortisation) grew 17 per cent to Rs 2,968 crore versus Rs 2,541 crore in FY19.

For the January-March quarter of FY20 (Q4 FY20), Adani Enterprises' consolidated PAT attributable to owners plunged 78.44 per cent to Rs 61 crore compared to Rs 283 crore in Q4 FY19. The total income for the quarter increased by 2 per cent to Rs 13,698 crore versus Rs 13,473 crore for the corresponding quarter in the previous year. The EBIDTA for the quarter declined to Rs 647 crore as compared to Rs 943 crore in Q4 FY 19.

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Commenting on the results, Gautam Adani, Chairman, Adani Group said, "With the COVID-19 pandemic has brought things to a halt, we at Adani will persistently support our fellow Indians through these testing times. We aim to emerge stronger once situations normalise. The emphasis will be on continued incubation of future businesses and create value for our stakeholders in the long term."

In the mining services business, production volume at Parsa Kente coal mine in Chhattisgarh stood at 4.53 million tonnes in Q4 FY20 versus 4.92 million tonnes in Q4 FY19. Recently, coal production started at Gare Pelma III mine in Chhattisgarh and the volume during the quarter was 0.45 million tonnes, it said.

In solar manufacturing, Adani Enterprises has established India's largest solar cell and module manufacturing unit in Mundra special economic zone. The plant has an installed capacity of 1.2 GW fully integrated cell and module manufacturing unit. Q4 FY20 volume was at 193 MW modules as against 260 MW modules in Q4 FY19.

In the food business, the company has maintained its leadership position with its Fortune brand and continues to lead the refined edible oil market with more than 20 per cent market share, Adani Enterprises said.

In roads segment, the company signed three concession agreements with the National Highways Authority of India (NHAI) under hybrid annuity model for the construction of roads aggregating to 150-plus km with project completion status of 40 per cent in Bilaspur-Pathrapali project at Chhattisgarh.

It has also received two letters of award from NHAI for construction of roads aggregating to 60-plus km in Andhra Pradesh and Madhya Pradesh.

In airport services, Adani Enterprises has won bids for six airports at Ahmedabad, Mangalore, Lucknow, Trivandrum, Jaipur and Guwahati out of which concession agreements have been signed for Ahmedabad, Mangalore and Lucknow.

Reacting to the earnings numbers, shares of Adani Enterprises closed Wednesday's trade at Rs 133.30 apiece, up 0.45 per cent. 

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